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“The Ways and Means Committee is working on legislation that will stop IRAs from being exploited.” Senate Finance Committee Chairman Ron Wyden, D-Ore., also plans to reintroduce legislation he floated in 2016 that would have limited the amount of money that could be invested in Roth IRAs, according to ProPublica.What would reforms to the Roth IRA Act mean for You?
Among them, the reforms would end “backdoor” and “mega-backdoor” Roth strategies for the wealthy and add new rules for individuals with retirement savings over $10 million. The legislation would also disallow IRA investments that require owners to be accredited investors.Can I invest my IRA funds in my own business?
It’s true that you cannot invest your IRA (or Roth IRA) funds in your own business since that is self-dealing and a prohibited transaction which would disqualify an IRA or Roth IRA. But Thiel did not do this.”Is the IRA just another tax dodge?
I feel very strongly that the IRA was designed to provide retirement security to working people and their families, and not be yet another tax dodge that allows mega millionaires and billionaires to avoid paying taxes.”